The contractor time–cost–credit trade‐off problem: integer programming model, heuristic solution, and business insights

Al‐Shihabi, Sameh; AlDurgam, Mohammad M.

doi:10.1111/itor.12764

Cited by 8 publications

(4 citation statements)

References 55 publications

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“…FBS method fulfils the credit-limit constraints imposed on the amounts of the negative overdraft values, which are realized as of the ends of the billing periods. Since FBS was originally introduced by Elazouni and Gab-Allah [35], many research efforts in the literature developed models to solve FBS problems [36][37][38][39][40][41]. However, the FBS models developed in the literature adopt the cash flow exclusively from the perspective of the contractors.…”

Section: Cash Flow Managementmentioning

confidence: 99%

Finance-based Scheduling for Cash-flow Management of Maintenance Portfolios: Multi-objective Optimization Approach

Fares,

Elazouni,

Al-Alaw

2024

Decis. Mak. Appl. Manag. Eng.

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Bridge agencies are often challenged to develop maintenance programs under given budgets. Numerous studies developed budget-allocation models for maintenance programs during defined planning horizons of multiple fiscal years while totally ignoring the crucial aspect of cash flow. The payment schedules (both timing and amount) for contractors might indicate agencies’ cash needs that exceed the available budgets during certain fiscal years, which create cash flow problems. While numerous finance-based scheduling (FBS) models were developed to manage cash flow for contractors, this function was totally overlooked for portfolio owners. Thus, this research reintroduces the FBS from the perspective of portfolio owners. A FBS model is developed to schedule the activities of the portfolio projects, utilize the schedules to define the payment schedules of projects’ contractors, calculate the agencies’ cash needs during the fiscal years, and utilize the multi-objective optimization algorithms of NSGA-II, SPEA-II, and MOPSO to optimize the projects’ schedules to achieve a balance between the cash needs during the fiscal years and the available budgets. The anticipated extensions in projects’ completion represent the conflicting objectives. Finally, the optimized schedules make the contractors’ payment schedules affordable by the agencies’ budgets, which help to complete projects successfully and achieve the programs’ strategic goals.

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Section: Cash Flow Managementmentioning

confidence: 99%

Finance-based Scheduling for Cash-flow Management of Maintenance Portfolios: Multi-objective Optimization Approach

Fares,

Elazouni,

Al-Alaw

2024

Decis. Mak. Appl. Manag. Eng.

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“…Multi-objective-decision-making (MODM) concept is useful to model these kinds of problems. The time-cost trade-off problems (TCTPs) are well-known multi-objective optimization problems that are taken into account in discrete and continuous manners (Al-Shihabi and AlDurgam, 2020).…”

Section: Literature Reviewmentioning

confidence: 99%

A new interval-valued fuzzy multi-objective approach for project time–cost–quality trade-off problem with activity crashing and overlapping under uncertainty

Mahdavi-Roshan

Mousavi²

2022

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PurposeMost projects are facing delays, and accelerating the pace of project progress is a necessity. Project managers are responsible for completing the project on time with minimum cost and with maximum quality. This study provides a trade-off between time, cost, and quality objectives to optimize project scheduling.Design/methodology/approachThe current paper presents a new resource-constrained multi-mode time–cost–quality trade-off project scheduling model with lags under finish-to-start relations. To be more realistic, crashing and overlapping techniques are utilized. To handle uncertainty, which is a source of project complexity, interval-valued fuzzy sets are adopted on several parameters. In addition, a new hybrid solution approach is developed to cope with interval-valued fuzzy mathematical model that is based on different alpha-levels and compensatory methods. To find the compatible solution among conflicting objectives, an arithmetical average method is provided as a compensatory approach.FindingsThe interval-valued fuzzy sets approach proposed in this paper is denoted to be scalable, efficient, generalizable and practical in project environments. The results demonstrated that the crashing and overlapping techniques improve time–cost–quality trade-off project scheduling model. Also, interval-valued fuzzy sets can properly manage expressions of the uncertainty of projects which are realistic and practical. The proposed mathematical model is validated by solving a medium-sized dataset an adopted case study. In addition, with a sensitivity analysis approach, the solutions are compared and the model performance is confirmed.Originality/valueThis paper introduces a new continuous-based, resource-constrained, and multi-mode model with crashing and overlapping techniques simultaneously. In addition, a new hybrid compensatory solution approach is extended based on different alpha-levels to handle interval-valued fuzzy multi-objective mathematical model of project scheduling with influential uncertain parameters.

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“…Over the last few decades, many solution approaches have been developed for solving different RCPSP variants, which can be classified as (i) exact approach, (ii) heuristic and meta-heuristic algorithms, and (iii) hybrid algorithm. For the exact approach, mathematical modelling based approaches such as integer programming [13], [14] and mixed integer linear programming [15], [16] are widely used. The branch and bound (BB) [17], [18], cutting plane (CP) [19] , and branch and cut (BC) [20] algorithms are usually applied to solve the developed models.…”

Section: Literature Reviewmentioning

confidence: 99%

Genetic Algorithm for Singular Resource Constrained Project Scheduling Problems

Mahmud¹,

Zaman

Ahrari

et al. 2021

IEEE Access

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The Resource-Constrained Project Scheduling Problem (RCPSP) is a challenging optimization problem. In RCPSPs, it is very common to consider homogeneous activities, which means all activities require all types of resources. In practice, the activities are often singular because they usually require one single resource to execute an activity. The existing algorithms may be used for solving this variant of RCPSPs with a simple modification. However, they are computationally expensive due to unnecessary resource constraints. In this paper, we propose a customised evolutionary algorithm integrated with three heuristics for the singular activities. The first heuristic is based on the earliest start time with an aim to rectify an infeasible schedule. The second heuristic is based on neighbourhood swapping which is used to find the best possible alternatives. The third heuristic is used to further enhance the quality of the schedule. The performance of the proposed framework has been tested by solving a wide range of benchmark problems and the obtained results revealed that the proposed approach outperformed the existing algorithms. In addition, statistical and parametric testing show the value and characteristics of the proposed approach.

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The contractor time–cost–credit trade‐off problem: integer programming model, heuristic solution, and business insights

Cited by 8 publications

References 55 publications

Finance-based Scheduling for Cash-flow Management of Maintenance Portfolios: Multi-objective Optimization Approach

Finance-based Scheduling for Cash-flow Management of Maintenance Portfolios: Multi-objective Optimization Approach

A new interval-valued fuzzy multi-objective approach for project time–cost–quality trade-off problem with activity crashing and overlapping under uncertainty

Genetic Algorithm for Singular Resource Constrained Project Scheduling Problems

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